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GlobeSt.com UPDATE: Acuity Signs $24M Lease for 408,600 SF

ATLANTA-The Sacramento, CA-based developer gambled and won on building a spec distribution center project on Fulton Industrial Boulevard in the Interstate 20 West submarket. The lease is the largest this year and one of the largest industrial contracts in the past five years, according to area brokers.

By Stacey Corso | Updated on March 14, 2002

ATLANTA-After buying a 33-acre tract of land for an undisclosed price from an unidentified New Orleans-based private investor, Panattoni Development Co. of Sacramento, CA has gambled and won on building a spec distribution center on Fulton Industrial Boulevard in the Interstate 20 West submarket.

Locally based Acuity Brands Inc. is leasing the entire 408,600-sf property for 15 years at an estimated aggregate rent of $24.5 million ($4 per sf). Panattoni representatives declined to give rent figures but area brokers tell GlobeSt.com average quoted bulk warehouse rents in the I-20 West submarket are $3 per sf to $5 per sf.

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